Corn is down sharply this week with Greenville cash corn currently trading $0.53 lower than a week ago and $0.15 lower than a year ago at $3.93/bu on Friday. July futures contracts are $0.53 lower on the week at $3.85/bu. Mississippi producers have 85% of the state’s corn crop silking, ahead of last year’s pace and ahead of the 5-year average of 78%. Mississippi’s corn crop condition remains steady with 64% of the state’s crop rated in good or excellent condition. Favorable growing conditions have the U.S. corn crop looking good with 75% of the crop rated in good or excellent condition.
Soybean markets are trading lower this week, with Greenville soybeans trading $0.57 lower at $10.95/bu on Friday. A year ago, Greenville soybeans were trading for $10.32/bu. Nearby July soybean futures are trading $0.51 lower than a week ago. Mississippi’s soybean crop condition is steady with 66% of the state’s crop rated in good or excellent condition, a 1% decrease from last week. The U.S. soybean crop looks good overall with 72% of the nation’s soybean crop rated in good or excellent condition.
July wheat futures are down $0.27 from a week ago at $4.54 while Greenville wheat prices are also down $0.26 on the week at $4.45/bu on Friday. A year ago, Greenville cash wheat was selling for $5.52/bu. Mississippi’s wheat harvest is wrapping up with 95% of the state’s wheat crop harvested, right at last year’s pace and the 5-year average of 95%. Nationally, the wheat crop is in relatively good condition with 62% of the U.S crop rated good or excellent, much better than last year when 41% of the U.S. crop was rated good or excellent. The U.S. winter wheat harvest is slightly ahead of schedule with 45% of the U.S. wheat crop harvested compared to a 5-year average of 41%.
Cotton prices finished the week lower with South Delta cash prices trading $1.42/cwt lower than a week ago at $64.33/cwt and $1.63/cwt lower than a year ago. Nearby cotton futures are lower with July Cotton futures closing at $64.50, down $0.07/cwt from last week. Mississippi producers currently have about 54% of the state’s cotton crop squaring, ahead of a year ago and ahead of the 5-year average of 51%. This week 57% of Mississippi’s cotton crop is rated in good or excellent condition while 56% of the U.S. crop is in good or excellent condition. Nationally, 29% of the cotton crop is squaring, slightly behind the 5-year average of 33%.
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